Rendering courtesy of Rockland Trust

AAM Danvers Residences LLC has received $44 million in financing from Rockland Trust to construct a mixed-used development in downtown Danvers.

Known as Maple Square, the development will have ground floor retail space and 145 luxury apartments, with 20 percent designated as affordable housing units, Rockland Trust said in a statement.

“Rockland Trust is honored to partner with David R. Masse and the AAM 15 Management Team in creating a premier housing and retail opportunity in a vibrant community,” Joseph Tavares, vice president and senior commercial lender at Rockland Trust, said in the statement. “Masse, a seasoned and innovative developer, is addressing the need for additional housing in a highly-desired location right in the heart of downtown Danvers.”

The Maple Square project also includes an existing 1,334 square-foot freight house, located next to a public park, that will be adapted for what is currently proposed as a restaurant.

“Based on our deep banking relationship, Rockland Trust was an obvious choice as our lending partner for this development which will redefine the downtown area of Danvers,” David R. Masse, CEO and founder of AAM 15 Management, said in the statement.  “The proximity of this concierge apartment complex to local businesses, the Danvers Rail Trail, and the Danvers YMCA, will provide a major stimulus to the local community.”

Construction is expected to begin in the spring and take 18 months to complete.